{"id":4892,"date":"2018-07-20T15:54:32","date_gmt":"2018-07-20T15:54:32","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=4892"},"modified":"2021-10-18T16:54:05","modified_gmt":"2021-10-18T16:54:05","slug":"5-things-business-spend-money","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/5-things-business-spend-money\/","title":{"rendered":"5 Things Your Business Should Spend Money On"},"content":{"rendered":"
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5 Things Your Business Should Spend Money On<\/figcaption><\/figure>\n

 <\/p>\n

Money is what keeps you afloat and makes the business world go around, so it makes perfect sense why so many entrepreneurs try so hard to lower business costs<\/a> and save some money. After all, even the biggest companies can\u2019t survive for very long when they run out of cash. That being said, you shouldn\u2019t stop spending money altogether. In fact, there are lots of things you need to invest in if you want your business to grow and thrive. With that in mind, here are five things your business needs to spend money on.<\/p>\n

    \n
  1. Comprehensive Insurance<\/strong><\/li>\n<\/ol>\n

    When your business is running as it should, paying out for insurance cover can seem like a waste of money. Unfortunately, in the world of business, there are a number of risks you\u2019re going to have to face, so something could go wrong at any moment. This means that, while ditching insurance would save you in the short term, in the long run, it could put your entire business at risk. Because of this, it\u2019s vital that you invest in a comprehensive insurance policy that suits you.<\/p>\n

    2. Effective Marketing<\/strong><\/p>\n

    Unless people know who you are, they aren\u2019t going to buy from you, which is why it\u2019s crucial that you invest your time and money into coming up with and executing effective marketing strategies. This could include reserving booths at events, like the 2019 IFA Annual Convention, hosting competitions and giveaways, and boosting your search engine optimization. Any of these will increase brand recognition, and, in turn, should boost your sales.<\/p>\n

    3. Professional Accounting<\/strong><\/p>\n

    Unless you know a lot about money or are an accountant yourself, it\u2019s highly likely that you\u2019ve made a mistake or several doing your accounting. To avoid causing too much damage, you should consider hiring a professional accountant<\/a> to handle your finances. With their experience and knowledge, they should be able to boost your income, reduce expenses, free up a lot of your time, and handle complicated tasks, like your taxes.<\/p>\n

    4. Loyal Employees<\/strong><\/p>\n

    A business is nothing without the people behind it, which is why you need to spend some time and money finding the best employees you can. This means offering salaries and benefits that are highly competitive. Once you have a skilled team, you need to show them that you are appreciative and that you care by offering rewards<\/a> and incentives for hard work. This should boost employee retention and ensure that your team are dedicated and loyal to you.<\/p>\n

    5. Legal Advice<\/strong><\/p>\n

    The legal side of business is a tricky one to venture, and, as such, you shouldn\u2019t try to do it alone. Unless you\u2019re educated in business law, you should find yourself a business law firm like Scheid Cleveland<\/a>. They will be able to help you write up contracts, ensure you have the right licenses and permits, and represent you in court if it ever came to that. Although you can save money by doing things alone, as with insurance, it could cause a lot of problems in the future.<\/p>\n

    Saving cash is a big part of running a business, but don\u2019t let that stop you from investing in the things that matter.<\/p>\n

    This is an article provided by our partners’ network. It might not necessarily reflect the views or opinions of our editorial team and management.<\/strong><\/p>\n

    Contributed content<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

      Money is what keeps you afloat and makes the business world go around, so it makes perfect sense why so many entrepreneurs try so hard to lower business costs and save some money. After all, even the biggest companies can\u2019t survive for very long when they run out of cash. That being said, you […]<\/p>\n","protected":false},"author":7,"featured_media":4893,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[25],"tags":[3468,5160,9581],"acf":[],"yoast_head":"\n5 Things Your Business Should Spend Money On - OpenBusinessCouncil Directory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/5-things-business-spend-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Things Your Business Should Spend Money On\" \/>\n<meta property=\"og:description\" content=\"  Money is what keeps you afloat and makes the business world go around, so it makes perfect sense why so many entrepreneurs try so hard to lower business costs and save some money. 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